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Imdex Ltd ASX:IMD

Mining Technology Mining Services Gold Exploration Critical Minerals

1 opened or increased7 held1 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 0 reduced. 17 managers in total.

Position history by manager Showing 3 of 17 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

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202420252026

16 Nov 2025 to today

Commentary Showing 2 of 39

DateManagerActionSummary

30 Sep 2026Investors Mutual LimitedIncreasedInvestors Mutual Limited increased their position in Imdex Ltd during the September 2026 quarter, topping up its holding at what it believes to be very attractive prices. The commentary does not detail a specific catalyst, but the purchase reflects the manager's view that the mining technology and drilling solutions provider was trading at an appealing entry point during the period.

Mining Services Mining TechnologyQuarterly Report, price recorded $3.36

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30 Jun 2026Spheria Asset ManagementHeldSpheria continues to hold Imdex because, as a fund historically underweight the resources sector, it prefers gaining exposure through quality mining services names such as Imdex and Mader rather than direct commodity exposure. Spheria notes this positioning was not enough to fully offset the strong returns delivered by the broader materials sector over the financial year, reflecting the manager's preference for services providers with more predictable earnings streams tied to mining activity levels rather than commodity prices themselves.

Mining Services Mining TechnologyMonthly Report, price recorded $4.10

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Price at first mentionThe share price recorded when each of 17 managers first commented on IMD.

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Articles

About Imdex Ltd

Materials, Metals and Mining

Imdex (ASX:IMD) is regarded by many Australian fund managers as one of the highest-quality mining services businesses on the ASX. In May 2026, Investors Mutual rated Imdex a buy, describing its transformation over the past decade from a drilling fluids supplier into a global leader in mining technology, while Longwave Capital highlighted broad-based offshore revenue growth of around 22%, led by the Americas and Asia Pacific. Hayborough Investment Partners was more cautious, rating it a hold on valuation. Imdex operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 38 comments from 17 fund managers, including Investors Mutual, Longwave, Spheria and Hayborough. Founded in 1980 and headquartered in Balcatta, Western Australia, Imdex provides drilling optimisation products, cloud-connected rock knowledge sensors and geoscience analytics to the global minerals exploration and mining industry.

Market cap: $1.6b
Price to earnings: 24.6x
Return on equity: 12.1%
Dividend yield: 0.9%
Price to book: 2.72x
Net margin: 15.3%
52-week range: $3.00 to $4.59

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Imdex Ltd (ASX:IMD)?

Fund managers including L1 Capital, Endeavor Asset Management, Blackwattle Investment Partners, Ausbil Investment Management, Datt Capital, Yarra Capital Management, Ellerston Capital, PM Capital, Longwave Capital, Pengana Capital Group, Spheria Asset Management, Hayborough Investment Partners, Investors Mutual Limited, Oracle Advisory Group, Elston Asset Management, Lennox Capital Partners and First Samuel have invested in Imdex Ltd (ASX:IMD).

What opportunities or catalysts do fund managers highlight for Imdex Ltd?

Longwave Capital points to strong offshore growth, with around 75% of revenue generated outside Australia and the Americas growing 27%, tying Imdex to the global exploration recovery. Spheria highlights consistent free cash flow, moderate gearing and continued gains in its share of the exploration wallet through integrated sensors and analytics, while Investors Mutual sees Imdex as a high-quality technology compounder.

What are the key risks to the Imdex Ltd investment thesis, according to fund managers?

Hayborough Investment Partners believes the valuation is starting to look full after a strong run and notes the Devico acquisition expanded the capital base, arguing Imdex should be earning higher returns on that capital. Investors Mutual also acknowledges the stock is not cheap, and earnings remain linked to the global mining exploration cycle.

What does Imdex Ltd (ASX:IMD) do?

Imdex Ltd. is a global mining technology company providing specialized equipment and services to the mining industry. Founded in 1980 and headquartered in Balcatta, Australia, the company operates across three primary geographical segments: Americas, Asia Pacific, and Africa/Europe. Imdex focuses on delivering drilling productivity and real-time data solutions to mining operations worldwide.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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